Financially distressed pay-TV operator TopTV, owned by On Digital Media and which is under “business rescue” in terms of the Companies Act, is discontinuing two of its channels this week.
“As TopTV continues to operate under the business rescue plan … it has become necessary to review the pay-TV operator’s current channel line-up and make certain adjustments in the interim period,” it said in a statement on Tuesday.
“The effect of this is that two of the TopTV channels, Top Movies +24 and Top Junior, will be discontinued with effect from midnight on Wednesday, 17 April,” it said. “TopTV regrets the timing of this change to its channel make-up but, due to operational reasons, it has become necessary to prepare for a proposed new channel structure.”
The statement says the broadcaster is in negotiations with a prospective investor and more details about these talks will be made public in coming weeks. “These talks are at an advanced stage and, should they reach finality, a much-needed cash injection will be made into the operation that could result in a restructure of the business and the channels that are currently on offer.”
TopTV announced in November 2012 that its management team had decided to seek a business rescue under section 129 of the new Companies Act to provide a “protective bubble” around it and “buy it some time to complete the search for a strategic equity partner”.
TopTV was launched in 2009 and was the only licensee of five operators licensed by the Independent Communications Authority of South Africa to launch commercial services to take on the long-standing incumbent, MultiChoice-owned DStv. — (c) 2013 NewsCentral Media
- See also: TopTV hits the skids